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<br />COVENANTS
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<br />200902431
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<br />1. Payments. Borrower agrccs to make all payments on the secured debt when duc. Unless Borrower and Lendcr agrec otherwisc, any payments Lendcr rcccivcs from
<br />Borrower or for Borrower's bencfit will be applied first to any amounts Borrower owes on the secured debt exclusive of interest or principal, second to interest, and then to
<br />principal. If partial prepayment of the secured debt occurs for any rcason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
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<br />2. Claims Against Title. Borrower will pay all taxes, assessments, and other charges attributable to the propelty when due and will defend title to the property against
<br />any claims which would impair the lien of this deed of trust. Lender may require BOlTower to assign any rights, claims or defenses which BOlTOwer may have against
<br />palties who supply labor or materials to improve or maintain the property.
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<br />3. Insurance. Borrower will kccp the property insured under terms acceptable to Lender at Borrower's cxpense and for Lender's benefit. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss payee or as the insured on any such insurancc policy. Any insurance proceeds may be
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If Lender requires mortgage insurancc, Borrower
<br />agrees to maintain such insurance for as long as Lender requires.
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<br />4. Property. BOlTOwer will keep thc propcrty in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. BOlTower agrees to pay all Lender's expcnses, including reasonable attorneys' fees, if BOlTower breaks any covenants in this deed of trust or in any
<br />obligation secured by this dced oftlUst. BOlTower will pay these amounts to Lender as provided in Covenant 9 of this dccd of trust.
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<br />6. Prior Security Interests. Unless BOlTower Ilrst obtains Lender's written contest, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of BOlTower's obligations under any prior mortgage, deed oftrust or other security agreement, including Borrower's covenants to make payments
<br />when due.
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<br />7. Assignment of Rents and Profits. BOlTOwer assigns to Lender the rents and profits of the property. Unless BOlTOwer and Lender have agreed otherwise in writing,
<br />Borrowcr may collect and retain the rents as long as Borrower is not in default. If BOlTower defaults, Lender, Lender's agent, or a court appointcd rccciver may take
<br />possession and manage the property and collect the rents. Any rents Lender collects shall be applied first to the costs of managing the property, including court costs and
<br />attorneys' fees, commissions to rental agents, and any other necessary related expenses. The remaining amount of rents will then apply to payments on the securcd debt as
<br />provided in Covenant I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. Borrower agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the condominium or plamled unit development.
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<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of trust, Lender may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's name or pay any amount if necessary for performance. If any construction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property. This may include completing the construction.
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<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed oftrust.
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<br />Any amounts paid by Lender to protect Lender's security interest will be secured by this deed of trust. Such amounts will be due on demand and will bear interest from the
<br />date of the payment until paid in full at the interest rate in effect on the secured debt.
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<br />10. Default and Acceleration. If BOlTower fails to makc any paymcnt when duc or breaks any covenants under this deed of trust or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelentte the Inaturity of the secured debt and demand immediate payment and may invoke the power of sale and
<br />any other remedies permitted by applicable law.
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<br />I I. Request for Notice of Default. It is hereby requested that copies of the noticcs of default and salc bc sent to each person who is a party hereto, at the address of cach
<br />such person, as set forth herein.
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<br />12. Power of Sale. If the Lender invokes the power of sale, the Trustee shall t1rst record in the otIice of the register of deeds of each county wherein the trust property or
<br />some part or parcel thereof is situated a notice of default containing the infonnation required by law. The Trustee shall also mail copics of thc notice of default to the
<br />BOlTOwer, to each person who is a party hereto, and to othcr pcrsons as prescribed by applicable law. Not less than one month after the Trustee records the notice of default,
<br />or two months if the trust property is not in any incorporated city or village and is used in farming operations can'ied on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustce, without dcmand on BOITOwer, shall sell the property at public auction to the highest bidder. If
<br />required by the Fann Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or any
<br />parcel of the property by public mmouncement at the time and place of any previously scheduled sale. Lender or its designee may purchase the property at any sale.
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<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchascr Trustee's dccd conveying the property. The recitials containcd in Trustee's deed shall be
<br />prima facie evidiencc of the truth of the statements contained therein. Trustee shall apply the proceeds of the sale in thc following order: (a) to all expenses of the sale,
<br />including, but not limitcd to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums sccurcd by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitled to receivc it.
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<br />13. Foreclosure. At Lender's option, this deed oflrustmay be foreclosed in the mamIeI' provided by applicable law for foreclosure of mortgages on real propelty.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrowcr notice beforehand. The notice must state the reasonable causc for Lender's
<br />inspection.
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<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant I. This assignment is subject to the telTl1S of any prior security agreement
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<br />16. Waiver. By excrcising any remedy available to Lender, Lender docs not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />BOlTower's default, Lender does not waive any right to later consider the event a default if it happens again.
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<br />17. Joint and Several Liability; Co-signers; Successors and Assigns Bound. All duties under this deed of trust are joint and several. Any Borrower who co-signs this
<br />deed of trust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Borrower's interest in the property to the Trustee under the tern~s
<br />of this deed of trust. In addition, such a BOlTOweragrees that the Lender and any othcr BOlTOwer under this deed oftrust may cxtend, modify or make any other changes III
<br />the terms ofthis deed oftrust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust
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<br />The duties and benefits of this deed of trust shall bind and benefit the successors and assigns of Lender and BOlTower.
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<br />18. Notice. Unless otherwisc rcquired by law, any notice to Borrowcr shall be given by delivering it or by mailing it by certified mail addressed to BOlTOwer at tl~e
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified mail to Lender's addres~ on pagc, I of thIS
<br />deed of trust, or to any other address, which Lender has designated. Any other notice to Lender shall be sent to Lender's address as stated on page I of this deed of trust.
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<br />Any notice shall be deemed to have been given to BOlTower or Lender when given in the manner stated above.
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<br />19. Transfer of the Property or a Beneficial Interest in the Borrower. If all or any part of the property or any.interest in it ~s sold or transf~rred without the Lender's
<br />prior written consent, Lcnder may demand inunediate payment of the secured debt Lendcr may also de~nand immedl~te p~ym?n~ I ~ the B?r:ower IS not a natural person and
<br />a beneficial interest in the BOlTOwer is sold or transtelTed. However, Lender may not demand payment III the above sltuattons If It IS prohIbIted by fedcrallaw as of the datc
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<br />of this decd of trust.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no furthcr obligation to make advance~ under the instruments or
<br />agreements secured by this dced of trust, thc Trustee shall, upon written request by the Lender, reconvey the trust property. The Lender sh,~1I deli vcr to the Borrower, or to
<br />Borrower's successor in interest, the trust decd and the note or other evidence of the obligation so satisfied. Borrower shall pay any recordatIOn costs.
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<br />21. Successor Trustee. Lender, at Lcnder's option, may remove Trustee and appoint a successor trustee by first, mailing a ~opy ~fthe substitution of trustee as required
<br />by applicable law and then by filing the substitution of trustee for record in the office of the register of deeds of cach county III which the trust property, or s~me part
<br />thereof, is situated. The su~cessor trustee, without conveyance ofthe propelty, shall succeed to all thc power, duties, authority and title ofthc Trustee named III the deed of
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<br />trust and of auy successor trustee.
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